Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,118/mo
Lowest payment- Down payment
- $653,096
- Funds due
- $672,071
- Interest + MI left
- $128,594
- First ends
- Oct 2051
Assumption
Assumption + second
$6,094/mo
+$3,976/mo- Down payment
- $98,096
- Funds due
- $119,382
- Interest + MI left
- $1,004,986
- First ends
- Oct 2051
New loan
New conventional
$6,723/mo
+$4,604/mo- Down payment
- $98,096
- Funds due
- $115,013
- Interest + MI left
- $1,282,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,904 | $321,904 | $876,904 |
| Second mortgage | — | $555,000 | — |
| First P&I | $1,511.74 | $1,511.74 | $5,940.45 |
| Second P&I | — | $3,976.09 | — |
| Mortgage insurance | — | — | $175.38 |
| Taxes, insurance & HOA | $606.67 | $606.67 | $606.67 |
| Total housing payment | $2,118.41 | $6,094.49 | $6,722.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,096
Closing costs & prepaids$21,286
Usable credit−$0
Total buyer cash needed$119,382
Earnest money paid−$0
Remaining funds due$119,382
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,609.52
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,170.00
Prepaid interest, first (9 days)$227.80
Prepaid interest, second (9 days)$1,060.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 10 moOf the original 30-year loan at 2.87%
Interest already paid$51,028Through Dec 2026
Assumption only · ends Oct 2051$128,594
Assumption + second · ends Oct 2051, second Jan 2057$1,004,986
New conventional · ends Jan 2057$1,282,179